Frontier Airlines has received the first $30 million loan from a group of its largest unsecured creditors under a previously announced deal that could eventually lead to another $45 million in funding.
The creditors - Republic Airways, Credit Suisse, AQR Capital and CNH Partners - provided the loan to Frontier last Friday, according to documents the carrier filed today with the U.S. Securities and Exchange Commission.
Frontier, which filed for bankruptcy in April, has said it will use the money for day-to-day operations as it restructures its business.
The loan carries an interest rate of between 14 percent and 16 percent, depending on how Frontier decides to pay it back.
The carrier can potentially get up to $45 million more in loans if it meets certain performance requirements and wins concessions from its unions.
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